The Olympic stadium is losing more than £20 million a year — nearly ten times the sum West Ham football club are paying as tenants — as a result of a series of costly mistakes, an investigation has found.

The report by the accountants Moore Stephens, commissioned by the London mayor Sadiq Khan, says the costs of transforming the stadium for football and then running it were hugely underestimated.

The mayor will now look to renegotiate the deal under which West Ham pay just £2.5million over a 99-year lease, or £1.25 million if they are relegated from the Premier League. West Ham have insisted the deal is “legally watertight”.

The 169-page report highlights the original decision to build the stadium without a planned legacy for…

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